Magna price target raised to $46 from $44 at Wells Fargo

Wells Fargo raised the firm’s price target on Magna (MGA) to $46 from $44 and keeps an Equal Weight rating on the shares. The firm notes Magna rose about 6% after a Q3 EBIT beat. The company announced “meaningful” buybacks despite leverage of 1.9-times above targeted 1-1.5-times. Full year EBIT guide was cut about 4% but still implies +80bp quarter-over-quarter. Wells likes the shift to core but long-term targets are tough.